Amendment or Termination Contract Clauses (483)

Amendment or Termination. Subject to the limitations specified below, the Company, by action of the Administrator, reserves the right to amend or terminate or the Plan or any Participation Agreement at any time, without advance notice to any Eligible Employee and without regard to the effect of the amendment or termination on any Eligible Employee or on any other individual. Notwithstanding the foregoing, (i) any termination of or amendment to the Plan or any Participation Agreement that (a) causes an individual or group... of individuals to cease to be an Eligible Employee or (b) reduces or alters to the detriment of the Eligible Employee the Severance Benefits potentially payable to that Eligible Employee (including, without limitation, imposing additional conditions or modifying the timing of payment), will not be effective unless it both is approved by the Administrator and communicated to the affected individual(s) in writing at least six (6) months prior to the effective date of the amendment or termination and (ii) once an Eligible Employee has incurred an Involuntary Termination, no amendment or termination of the Plan or any Participation Agreement may, without that Eligible Employee's written consent, reduce or alter to the detriment of the Eligible Employee, the Severance Benefits payable to that Eligible Employee. In addition, notwithstanding the preceding, upon or after a Change in Control, the Company may not, without an affected Eligible Employee's written consent, amend or terminate the Plan or any Participation in any way, nor take any other action, that (i) prevents that Eligible Employee from becoming eligible for the Severance Benefits under the Plan, or (ii) reduces or alters to the detriment of the Eligible Employee the Severance Benefits payable, or potentially payable, to an Eligible Employee under the Plan (including, without limitation, imposing additional conditions). Any action of the Company in amending or terminating the Plan or any Participation Agreement will be taken in a non-fiduciary capacity and will be in writing. View More

Amendment or Termination. The Board and the Committee each reserve the right at any time to make any changes in the Plan as it may consider desirable or may suspend, discontinue or terminate the Plan at any time. PURPOSE. This Seattle Genetics, Inc. Long Term Incentive Plan for ECHELON-1 (the "Plan") is intended to increase stockholder value and the success of the Company by retaining and motivating selected Participants to achieve the Company's objectives. The Plan goals are to be achieved by providing such Participants... with cash and stock incentive award opportunities, where payment or vesting, as applicable, of the Awards shall be based on FDA approval of a label expansion in the U.S. for ADCETRIS based on clinical trial data from ECHELON-1 (as hereafter defined). The Plan is intended to permit the grant of Stock Awards that may qualify as "performance-based compensation" within the meaning of Section 162(m) of the Code. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in Section 2 of the Plan. View More